Indian wealth manager 360 One WAM Ltd. is parting ways with senior figures in its international team, less than two years after the unit was set up.
Vikram Malhotra, who heads the group's 360 One Global business, has resigned along with 10 other private bankers and investment counselors in Singapore and Dubai, according to people with knowledge of the matter. They are all on a gardening leave, said the people, declining to be identified because the departures are confidential. It is not immediately clear where they are headed.
Malhotra joined 360 One to co-found its global unit in 2023 after leaving Bank of Singapore, the private banking arm of Oversea-Chinese Banking Corp. The veteran banker with three decades of experience is one of the best known for serving the rich Indian diaspora, and was previously an executive at firms including UBS Group AG and Barclays Plc.
These departures add to senior resignations at the firm in India, including the heads of the Delhi and Bangalore teams, over recent months.
Malhotra declined to comment. A spokesperson for 360 One Wealth said the recent exits “are aligned with our global business strategy.”
Bloomberg News reported in January that 360 One and UBS were in advanced talks for a deal that could swiftly expand the Zurich-based firm's exposure to India's booming wealth market, with the structure of the venture yet to be confirmed.
The company, which is backed by Bain Capital, manages about $68 billion and has more than 7,500 high- and ultra-high net worth clients, according to its website.
Citywire reported the departures earlier.
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